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Capital Allocation Trends At ChinaEtek Service & Technology (SZSE:301208) Aren't Ideal

Capital Allocation Trends At ChinaEtek Service & Technology (SZSE:301208) Aren't Ideal

ChinaEtek服務與科技(SZSE:301208)的資本配置趨勢並不理想
Simply Wall St ·  12/03 15:07

To find a multi-bagger stock, what are the underlying trends we should look for in a business? In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Although, when we looked at ChinaEtek Service & Technology (SZSE:301208), it didn't seem to tick all of these boxes.

要找到一個成長空間巨大的股票,我們應該關注企業中的哪些潛在趨勢?在一個完美的世界中,我們希望看到一家公司將更多資本投入其業務,並且理想情況下,從該資本獲得的回報也在增加。這向我們表明這是一個複利機器,能夠不斷將其收益重新投入業務,併產生更高的回報。儘管當我們審視ChinaEtek Service&Technology(SZSE:301208)時,似乎並沒有完全符合這些條件。

What Is Return On Capital Employed (ROCE)?

我們對 Enphase Energy 的資本僱用回報率的看法:正如我們上面看到的,Enphase Energy 的資本回報率沒有提高,但它正在重新投資於業務。投資者必須認爲未來會有更好的前景,因爲股票表現良好,使持股五年以上的股東獲得了 690% 的收益。最終,如果基本趨勢持續存在,我們不會對它成爲一隻多頭股持有期很久很有信心。

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for ChinaEtek Service & Technology:

只需澄清,如果您不確定,ROCE是一個評估公司在其業務中投入的資本上賺取多少稅前收入(以百分比表示)的指標。分析師使用這個公式爲ChinaEtek Service&Technology進行計算:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)

資本利用率 = 利息和稅前利潤(EBIT) ÷ (總資產 - 流動負債)

0.078 = CN¥117m ÷ (CN¥1.9b - CN¥371m) (Based on the trailing twelve months to September 2024).

0.078 = CN¥11700萬 ÷(CN¥19億 - CN¥371m)(基於截至2024年9月的過去十二個月)。

So, ChinaEtek Service & Technology has an ROCE of 7.8%. On its own that's a low return, but compared to the average of 3.7% generated by the IT industry, it's much better.

因此,ChinaEtek Service&Technology的ROCE爲7.8%。僅此而論,這是一個較低的回報,但與IT行業平均3.7%相比,要好得多。

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SZSE:301208 Return on Capital Employed December 3rd 2024
SZSE:301208資本僱用回報率2024年12月3日

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how ChinaEtek Service & Technology has performed in the past in other metrics, you can view this free graph of ChinaEtek Service & Technology's past earnings, revenue and cash flow.

儘管過去並不代表未來,但了解一家公司歷史表現可能會有所幫助,這就是我們有上面這個圖表的原因。如果您想查看中國易想服務與科技在過去的其他指標上的表現,可以查看這個免費圖表,其中包括中國易想服務與科技過去的盈利、營業收入和現金流。

So How Is ChinaEtek Service & Technology's ROCE Trending?

那麼中國易想服務與科技的ROCE趨勢如何?

In terms of ChinaEtek Service & Technology's historical ROCE movements, the trend isn't fantastic. To be more specific, ROCE has fallen from 25% over the last five years. Given the business is employing more capital while revenue has slipped, this is a bit concerning. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se.

就中國易想服務與科技的歷史ROCE變動而言,趨勢並不太好。具體來說,過去五年中ROCE下降了25%。由於公司在資本方面的投入增加,而營業收入卻下滑,這有點令人擔憂。這可能意味着公司正在失去競爭優勢或市場份額,因爲雖然在項目中投入了更多資金,但實際上產生了較低的回報 - "物有所值較少"。

On a related note, ChinaEtek Service & Technology has decreased its current liabilities to 20% of total assets. So we could link some of this to the decrease in ROCE. Effectively this means their suppliers or short-term creditors are funding less of the business, which reduces some elements of risk. Some would claim this reduces the business' efficiency at generating ROCE since it is now funding more of the operations with its own money.

相關的是,中國易想服務與科技將其流動負債減少到總資產的20%。因此,我們可以將部分原因歸因於ROCE的減少。實質上,這意味着他們的供應商或短期債權人爲企業提供的資金減少了,降低了一些風險因素。有人會聲稱,這降低了企業通過自有資金運營的效率,因爲現在越來越多的業務資金來自自有資金。

Our Take On ChinaEtek Service & Technology's ROCE

我們對中國易想服務與科技的ROCE看法

From the above analysis, we find it rather worrisome that returns on capital and sales for ChinaEtek Service & Technology have fallen, meanwhile the business is employing more capital than it was five years ago. However the stock has delivered a 17% return to shareholders over the last year, so investors might be expecting the trends to turn around. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere.

從以上分析中,我們發現對於中國易想服務與科技來說,資本回報率和銷售額均下降,與此同時,公司比五年前投入了更多資本。然而,過去一年股票爲股東提供了17%的回報,因此投資者可能期待這一趨勢出現逆轉。無論如何,當前的基本趨勢對長期表現不利,因此除非情況發生逆轉,否則我們會開始尋找其他投資機會。

If you want to know some of the risks facing ChinaEtek Service & Technology we've found 3 warning signs (2 are concerning!) that you should be aware of before investing here.

如果您想了解中國艾泰克服務與科技面臨的一些風險,我們發現了3個警告信號(其中有2個令人擔憂!)在在投資之前,您應該注意這些。

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

對於喜歡投資穩健公司的人,請查看這份具有穩健資產負債表和高權益回報的公司免費列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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